However, it appears that the Sterling bulls still have something to offer as they managed to push price to a daily high 1.3371. Although we went to more than 30-year low, it does not look as bad as some analysts portray it.
In the beginning of March the price of GBP/USD was close to 1.38. On the day of the Brexit price went from the irrational and boosted 1.50 to a low of 1.32 and recovered to 1.40 on the same day. Going long now is worth considering as we are still in the aftereffect causing unrealistic depreciation of the GB pound.
Chart: GBP/USD D1
Some recovery was inevitable.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteSterling is somewhat boosted today by the strong GDP data and is seen back to 1.35 level.
ReplyDeleteDownside pressure increases.
ReplyDeleteThanks for such an informative article.
ReplyDeleteGreat daily note, thank you.
ReplyDelete